Market Report July 2017 MARKET HIGHLIGHTS GSE STOCK INDICES/CAPITALIZATION JUL 2017 YTD CHANGE JUL 2016 YTD CHANGE GSE COMPOSITE INDEX (GSE-CI) 2,256.78 33.61% 1,796.29 -9.96% GSE FINANCIAL STOCK INDEX (GSE-FSI) 2,079.34 34.55% 1,678.94 -13.01% MARKET CAPITALIZATION (GH¢ M) 57,209.86 8.46% 54,605.56 -4.40% DOMESTIC CAPITALIZATION (GH¢ M) 14,313.06 27.96% 10,443.75 -6.63% MARKET TURNOVER - EQUITIES JUL 2017 JULY 2016 VOLUME TRADED 7,901,264 9,931,686 VALUE TRADED (GH¢) 24,130,590.21 19,385,939.66 NUMBER OF TRANSACTIONS 1,961 1,561 TRADING DAYS 20 19 NUMBER OF TRADED SYMBOLS 30 30 MARKET DAILY AVERAGES - EQUITIES JUL 2017 JUL 2016 AVERAGE VOLUME TRADED 395,063 522,720 AVERAGE VALUE TRADED (GH¢) 1,206,529.51 1,020,312.61 AVERAGE NUMBER OF TRANSACTIONS 98 82 MARKET TURNOVER - EQUITIES JAN TO JUL 2017 JAN TO JUL 2016 VOLUME TRADED 258,757,395 72,981,621 VALUE TRADED (GH¢) 388,178,582.80 156,094,107.20 NUMBER OF TRANSACTIONS 12,348 12,522 TRADING DAYS 143 144 NUMBER OF TRADED SYMBOLS 37 42 MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS JUL 2017 JUL 2016 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 724.39 835.93 MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS JAN-JUL 2017 JAN-JUL 2016 CORPORATE - - GOG NOTES AND BONDS (GH¢ M) *** 7,559.02 - LISTINGS JUL 2017 JUL 2016 LISTED COMPANIES 41 39 LISTED EQUITIES ORDINARY SHARES 37 35 DEPOSITORY SHARES 1 1 PREFERENCE SHARES 1 1 EXCHANGE TRADED FUNDS 1 1 FOUR (4) EQUITIES ON GHANA ALTERNATIVE MARKET (GAX) 4 4 DELISTINGS-EQUITIES JUL 2017,JUL 2016) 0 0 NUMBER OF LISTED NOTES & BONDS ON GFIM JUL 2017 JUL 2016 CORPORATE 33 20 1 YEAR GOG 23 - 2 YEAR GOG 27 66 3 YEAR GOG 10 10 5 YEAR GOG 9 7 7 YEAR GOG 3 2 10 YEAR GOG 1 - 15 YEAR GOG 1 - EURO BOND (US$) 2 2 LOCAL US$ 2 YEAR BOND 2 - BONDS JUL 2017 JUL 2016 VALUE OF LISTED NOTES & BONDS CORPORATE (GH¢ M) 500.71 248.46 GOG NOTES & BONDS (GH¢ M) 32,719.88 11,968.71 EURO BOND (US$ B) 4,280.51 2.00 LOCAL US$ 2 YEAR BOND (US$ m) 94.64 0.00 (1.) 2016 Volume, Value and Number of Transactions Figures Includes Transactions in GOILRT, GGBLRT GSE Market Report - July 2017 1 MARKET HIGHLIGHTS (Continuation) GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO JUL 2017 Year/Period Index Value % Change 2011 863.09 -13.69 2012 1,039.86 20.48 2013 1,786.60 71.81 2014 2,243.63 25.58 2015 1,930.06 -13.98 2016 1,545.41 -19.93% JUL 2017 2,079.34 34.55% SELECTED ECONOMIC INDICATORS JUL 2017 JUL 2016 INFLATION RATE YEAR-ON-YEAR (%) 12.1* 16.70 INTEREST RATE (% ON MOST RECENT ISSUE) 91-DAY T-BILL 12.5367 22.80 182-Day T-BILL 12.9748 24.66 1 YEAR NOTE 2 YEAR NOTE 3 YEAR BOND 5 YEAR BOND 18.25 24.75 7 YEAR BOND EXCHANGE RATE US$ 1 to 1 GHANA CEDIS 4.3743 3.95 UK£ 1 to 1 GHANA CEDIS 5.7627 5.21 1 Euro to 1 GHANA CEDIS 5.1573 4.41 *Inflation rate at June 2017 GSE Market Report - July 2017 2 GSE INDEX SUMMARY NOV-DEC 1990 - JUL 2017 Period High Date Low Date End of Period Index % Change Nov - Dec 1990 77.65 12-Nov 70.08 Dec-21 70.08 0.00 1991 69.77 4-Jan 55.49 May-17 64.51 -7.95 1992 72.90 6-Oct 60.15 Jun-23 62.17 -3.63 1993 132.88 30-Dec 63.29 Jan-05 132.88 113.74 1994 334.02 17-May 132.91 Jan-04 298.10 124.34 1995 322.11 25-Oct 296.32 Mar-22 316.97 6.33 1996 385.80 13-Sep 307.42 Jan-12 360.76 13.82 1997 524.21 8-Dec 346.66 Jan-31 511.74 41.85 1998 1,201.08 6-May 511.66 Jan-07 868.35 69.69 1999 903.17 5-Feb 735.39 Dec-22 736.16 -15.22 2000 873.35 22-Sep 737.16 Jan-03 857.98 16.55 2001 1,025.78 1-Aug 856.00 Feb-07 955.95 11.42 2002 1,395.31 30-Dec 13.20 Jan-02 1,395.31 45.96 2003 3,553.42 31-Dec 1,395.36 Jan-02 3,553.42 154.67 2004 7,469.04 25-Aug 3,558.96 Jan-02 6,798.59 91.33 2005 6,901.36 28-Jan 4,751.17 Dec-22 4,769.02 -29.85 2006 5,006.02 29-Dec 4,692.84 Jan-31 5,006.02 4.97 2007 6,599.77 31-Dec 5,001.15 Jan-11 6,599.77 31.84 2008 10,931.36 3-Oct 6,595.92 Jan-02 10,431.64 58.06 2009 10,431.64 2-Jan 5,098.92 Aug-17 5,572.34 -46.58 2010 7,185.05 1-Jun 5,463.83 Jan-14 6,886.31 32.25 2011 1,189.77 18-May 940.04 Dec-16 969.03 -3.10 2012 1,199.72 31-Dec 968.08 Jan-05 1,199.72 23.81 2013 2,341.60 2-Dec 1,198.29 Jan-03 2,255.52 78.81 2014 2,439.20 21-Feb 2,145.20 Jan-02 2,261.02 5.40 2015 2,386.51 9-Jun 1,954.21 Dec-11 1,994.91 -11.77 2016 2,013.81 14-Jan 1,527.94 Dec-07 1,689.09 -15.33% 2017 2,259.76 26-Jul 1,698.20 Jan-03 2,256.78 33.61% (1.) Nov. 1990 to 2010 Index is the GSE All-Share Index (2.) Index from 2011 is the GSE Composite Index MARKET ACTIVITIES - NOV - DEC 1990 -JUL 2017 Volume Traded Value Traded Market Cap. - Government Corporate Bonds Period (000) (GH ¢ m) Equities (GH ¢ m.) Bonds (GH ¢ m.) (m.) Nov - Dec 1990 222.00 0.01 3.05 0.50 US$ 0 1991 1,825.80 0.01 2.96 0.50 US$ 0 1992 2,044.40 0.02 4.38 0.50 US$ 0 1993 37,945.47 0.32 9.65 0.50 US$ 0 1994 93,037.63 7.31 196.84 0.50 US$ 0 1995 55,838.60 2.71 239.90 - US$ 0 1996 35,749.99 2.79 286.27 - US$ 2.55 1997 125,629.14 9.34 255.28 - US$ 4.8 1998 91,446.52 13.40 324.56 - US$ 6.8 1999 49,568.22 6.96 320.54 - US$ 9.5 2000 30,717.09 5.06 365.50 - US$ 11.01 2001 55,295.87 9.23 390.40 100.37 US$ 10.2 2002 44,124.20 8.94 618.38 132.69 US$ 10.98 2003 96,330.00 38.93 1,261.68 144.24 US$ 8.98 2004 104,349.30 65.59 9,761.48 51.63 US$ 6.28 2005 81,400.00 46.44 9,185.73 22.50 US$ 8.78 2006 98,286.00 47.60 11,249.60 326.15 US$ 2.5 2007 287,221.70 140.71 12,368.60 1,333.07 US$ 6.4 2008 531,660.00 365.51 17,895.12 1,237.46 US$ 6.4 2009 96,767.39 74.19 15,941.92 1,039.14 US$ 3.9 2010 330,616.75 151.29 20,116.70 2,576.87 US$ 3.9 2011 419,791.08 446.56 47,347.23 3,987.44 US$ 3.9 2012 218,134.34 102.20 57,264.22 5,939.25 N/A 2013 313,024.31 456.14 61,158.29 9,260.16 N/A 2014 207,496.13 345.96 64,352.42 9,425.35 GH¢ 29.017 2015 246,428.36 247.64 57,116.87 11,767.14 GH¢ 107.37 2016 252,833.43 242.11 52,690.99 15,544.98 GH¢ 398.39 JUL 2017 258,757.40 388.18 57,209.86 32,719.88 GH¢ 500.71 Total: Dec. 1990 to 4,166,541 3,225.13 Jul 2017 GSE Market Report - July 2017 3 MARKET ACTIVITIES - JUL 2017 Top 10 Volume Leaders Top 10 Value Leaders Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value ETI 1,430,076 18.10 SCB 5,935,454.88 24.60 GCB 1,134,024 14.35 GCB 5,887,778.55 24.40 SOGEGH 866,847 10.97 FML 4,970,556.96 20.60 CAL 737,990 9.34 EGH 2,750,271.27 11.40 UTB 618,246 7.82 TOTAL 1,238,632.30 5.13 TOTAL 557,944 7.06 GOIL 935,314.66 3.88 GOIL 427,213 5.41 SOGEGH 651,330.29 2.70 EGH 393,169 4.98 CAL 640,652.02 2.65 FML 337,205 4.27 EGL 241,932.80 1.00 SCB 302,541 3.83 GGBL 215,541.20 0.89 MARKET ACTIVITIES - JUL 2017 Market Capitalization - End of Months for 2016 and GSE Composite Index - End of Months for 2016 and 2017 2017 (GH¢ M) Month 2017 2016 Month 2017 2016 January 54,048.70 56,963.50 January 1,776.40 2,004.12 February 49,060.25 56,334.32 February 1,854.53 1,972.18 March 48,846.99 54,796.35 March 1,865.01 1,912.02 April 58,822.68 54,429.40 April 1,896.13 1,828.78 May 58,772.49 54,256.87 May 1,919.71 1,758.35 June 59,457.95 54,735.64 June 1,964.55 1,787.50 July 57,209.86 54,605.56 July 2,256.78 1,796.29 August August September September October October November November December December Volume Traded - End of Months for 2016 and 2017 Value Traded - End of Months for 2016 and 2017 (GH¢) Month 2017 2016 Month 2017 2016 January 19,560,794 21,647,385 January 19,224,381.51 29,495,855.87 February 161,506,242 10,836,182 February 242,178,810.67 14,039,650.03 March 31,200,817 4,440,804 March 29,522,730.12 7,767,848.28 April 9,124,698 8,399,916 April 17,011,669.46 35,159,146.12 May 18,196,038 8,941,016 May 29,559,094.59 14,204,787.00 June 11,267,542 8,784,632 June 26,551,306.24 36,040,880.24 July 7,901,264 9,931,686 July 24,130,590.21 19,385,939.66 August August September September October October November November December December Total 258,757,395 72,981,621 Total 388,178,582.80 156,094,107.20 GSE Market Report - July 2017 4 SECTORIAL DISTRIBUTION OF TRADES - JUL 2017 Sector Volume Traded Value Traded (GH ¢) No.